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Pete Najarian spoke on CNBC's Options Action about options trading activity in Rio Tinto plc (ADR)RIO 0.9%. He noticed that traders were buying the January 40 calls in the name. They bought around 5,300 contracts for $1.50, which sets the break even for the trade at $41.50. Pete Najarian added that this was the second time in the last couple of weeks that he saw a big call options volume in Rio Tinto. He has a long call position in the name and he is going to hold it for a month.

Jon Najarian said that traders are buying the December 80 calls in Target CorporationTGT 0.79%. He explained that normal activity in October for call options in Target was 6,000 contracts and it increased to 12,000 contracts after the election. Around 12,000 contracts of the December 80 calls were traded in the first half of the session on Wednesday and total call volume in the period was around 20,000 contracts. Jon Najarian decided to follow the trade and he is planning to hold the position for a week.